Egypt’s Heliopolis Housing to invest $62 mln in 2016-17

CAIRO:Egypt’s Heliopolis Housing will invest 550 million Egyptian pounds ($61.94 million) during the 2016-17 financial year, the country’s fifth-largest real estate company said in a statement to the Cairo stock exchange on Wednesday.

The board of directors approved the company’s executive plan for the coming financial year, the statement said.

Earlier this month the company signed an agreement with Egyptian real estate developer SODIC to jointly develop 655 acres of land in east Cairo for commercial and residential use.

Demand for new housing in Egypt is strong and the sector has been resilient despite political turmoil.